3 Creative Ways to Make Money in Crypto Right Now

3 Creative Ways to Make Money in Crypto Right Now

As a cryptocurrency investor, you certainly have your work cut out for you. It’s not an easy job and not for the faint of heart. Therefore, if one wants to make mone in crypto, they must be creative. So check out the following advice to get your portfolio on the right track.

CREATIVE WAYS TO MAKE MONEY IN CRYPTO: STUDY PSYCHOLOGY

Do you know anything about psychology? Well if you want to be a good crypto investor, you should start learning the basics. For example, one should know that fear is a strong emotion in this world. When fear starts creeping up on people, it ignites a fight or flight response. In this case, the majority of people hit the “sell” button when they are afraid the market will crash. But that’s not what you should do.

Instead, you should use people’s fear as an opportunity for your benefit. During the times of increased fear, crypto is at it’s most affordable. So if you’re looking for a short term way to time the market and capitalize on other people’s panic selling habits, then buy low and sell high.

CREATIVE WAYS TO MAKE MONEY IN CRYPTO: DCA STRATEGY

Dollar cost averaging (DCA) is an old investment strategy that many seem to forget about in crypto. Simply put, this strategy involves a systematic investment of a fixed number at consistent intervals. Instead of spending a lot of time studying the market and trying to time it right, you’re just investing on a regular schedule. Therefore, you’re buying more shares when the share prices are lower and less when they are higher. However, keep in mind that DCA does not fully protect you against a loss in a bearish market not does it guarantee you a profit in a rising one.

CREATIVE WAYS TO MAKE MONEY IN CRYPTO: ASSET ALLOCATION

Crypto investing is risky. There is no other way to put it. Yet, there is a way to circumnavigate this risk and that’s through asset allocation. Asset allocation is a strategy that manages your investment risk by diversifying your crypto portfolio with a variety of coins/tokens. As you know, each token has different levels of risk associated with it and different potential returns. By diversifying your portfolio, you maximize the chance of success while minimizing your chance of losing money.

The one problem with this strategy is many people lack the funds to properly diversify their portfolio correctly. That’s exactly where crypto backed lending platform can come in handy. Let’s say you have too much bitcoin. Simply sign up on a platform like YouHodler and put up some of your BTC as collateral. Within a few minutes, you’ll receive a cash loan for your BTC to use how you choose. After you buy more crypto with that cash and pay back your loan, you receive your BTC back. In the end, your portfolio is more diversified without it making a dent in your crypto holdings. Now, you’ll never have to complain about not having money to invest ever again.

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